The Art of Failing: The Importance of Embracing Failure and Trying Again


We have all heard the phrase “failure is not an option,” but in reality, failure is not only an option but also a necessary part of success. That’s right! Failure is not the antithesis of success; rather, it is a pathway to success. In today’s society, failure is often seen as a negative thing. From a young age, we are conditioned to avoid failure at all costs, and those who experience failure are often stigmatised as incompetent or inadequate. But what if we approached failure differently? What if we saw it as an opportunity to learn, grow, and try again? As Noonan (2019) indicated, experiencing failure is a normal aspect of life and is crucial for achieving success if accepted. Noonan’s work provides reassurance and confidence in embracing failure as a path to success.

The concept of embracing failure and trying again is based on the growth mindset theory developed by Carol Dweck, a psychology professor at Stanford University. According to Dweck, individuals with a growth mindset believe that their abilities can be developed and improved through hard work and dedication. They see failure as an opportunity to learn and grow, rather than a reflection of their intelligence or abilities. Studies have shown that individuals with a growth mindset are more likely to persevere through challenges and achieve their goals. They are less likely to give up after a setback or a failure and are more likely to try again and learn from their mistakes.

Furthermore, embracing failure and trying again can lead to creative breakthroughs and innovation. In his book, “The Myths of Innovation,” author Scott Berkun argues that many great inventions and discoveries were the result of multiple failures and iterations. Thomas Edison, for example, famously said, “I have not failed. I’ve just found 10,000 ways that won’t work,” referring to his numerous attempts to invent the light bulb. J.K. Rowling: The author of the wildly popular Harry Potter series faced rejection after rejection from publishers before finally landing a book deal. She could have given up after the first few rejections, but instead, she kept trying until she found success. Another great example is Michael Jordan: Considered one of the greatest basketball players of all time, Jordan was cut from his high school basketball team. Instead of letting this failure discourage him, he used it as motivation to work harder and improve his skills. How about Abraham Lincoln? Before becoming one of America’s most beloved presidents, Lincoln failed at several business ventures and lost numerous elections. Despite these setbacks, he never gave up and eventually found his way to the White House.

So, what am I trying to communicate: the importance of embracing failure and trying again cannot be overstated. Failure is not the opposite of success; it is a necessary part of the journey. When we approach failure with a growth mindset, we become more resilient, more determined, and more likely to achieve our goals. Therefore, the next time you experience a setback or a failure, remember Thomas’s, Harry’s, Michael’s, and Abraham’s stories. Don’t give up. Instead, use the experience as a learning opportunity and try again.

Remember, failure is not the end of the road; it’s an opportunity to try again, learn from our mistakes, and grow. Best wishes

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Edited by Temitope Adelekan

Reference: Noonan, D. (2019). Failure found to be an essential prerequisite for success. Scientific American.

A Pathway for Aspiring Entrepreneurs to Lay a Strong Foundation for Success


Venturing into entrepreneurship offers an exhilarating journey, requiring careful consideration and thorough preparation. This guide explores essential steps to help you identify the ideal business, empowering you to make informed decisions and lay a solid foundation for success. By following these critical steps from Temitope Adelekan, you’ll be equipped to navigate the complexities of entrepreneurship with confidence and clarity, setting the stage for triumph in your endeavours. Embrace the journey ahead with enthusiasm and dedication as you embark on this exciting path of entrepreneurship.

Aligning with Your Passions

Identifying a business that resonates with your personal interests and passions is vital. Engaging in a field you are deeply passionate about ensures that you find joy and fulfilment in your endeavours. This alignment significantly boosts your determination to overcome obstacles, sustaining your drive during challenging periods. Your enthusiasm for your work will be evident, attracting customers and inspiring your team, thereby laying the groundwork for a thriving business.

Crafting a Strategic Plan

The essence of a successful venture lies in a thorough business plan that sketches out your goals, identifies your target audience, evaluates competitors, formulates marketing strategies, and projects financial outcomes. This plan acts as your venture’s compass, steering your decisions and facilitating investment acquisition. It allows you to anticipate and prepare for any business scenario, ensuring a steady course toward your objectives.

Establishing Contingency Strategies

Preparing for unforeseen challenges is a hallmark of a prudent entrepreneur. By identifying potential threats to your business and devising strategies to counter them, you ensure your venture’s resilience. These contingency plans equip you to handle unexpected situations with poise, ensuring the longevity and stability of your business in the face of adversity.

Laying Financial Groundwork

Ensuring your business’s financial health is crucial for its success, with adequate capital as a key pillar. Your credit score plays a vital role in accessing diverse financing options, making it essential to aim for a high score to secure loans on favourable terms. Achieving financial readiness allows you to fuel your business’s expansion and easily tackle monetary hurdles. This foundation sets the stage for sustainable growth and financial stability.

Setting Attainable Goals

Setting goals is essential for guiding your business’s direction and fostering its growth. Establishing clear and achievable objectives, then breaking them into actionable steps, allows for effective progress monitoring and keeps your venture on course. This systematic approach ensures you stay focused on your business vision, driving you toward your goals with clarity and determination. By adhering to this process, you maintain momentum and steadily advance toward success.

Fostering Industry Relationships

Cultivating connections within your industry is instrumental in accelerating your business’s growth. Engaging in networking events, conferences, and online communities opens doors to valuable insights, mentorship, and collaborative opportunities. These relationships can be a source of support, advice, and partnerships, enriching your entrepreneurial journey with diverse perspectives and experiences.

Trusting Your Intuition

In business decision-making, relying on data and thorough analysis is crucial, but your gut instinct often provides invaluable insights. Your intuition may uncover innovative ideas and opportunities that conventional data overlooks, serving as a vital tool for differentiation in a competitive market. Trusting this inner voice empowers you to foster innovation and make confident decisions even in complex situations. Embracing your intuition can lead to strategic advantages and propel your business forward.

Choosing the ideal business demands thoughtful consideration, detailed planning, and a willingness to face risks with an open mind. By following critical steps carefully, you place yourself on a path to entrepreneurship filled with purpose and clear direction. Trust your abilities and remain flexible in your approach, ensuring your journey is rewarding and successful. Keep your objectives in clear view, guiding every decision you make. This approach empowers you to thrive in the dynamic and exhilarating realm of entrepreneurship.

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Brought to you by Justin Wigg

Edited by Temitope Adelekan

The Debate: Theoretical Knowledge vs. Vocational Knowledge


Over the weekend, I was reading my notes and came across the subject (written in 2019 when finalising my thesis) and decided to write a quick short blurb about this important topic.

There continue to be compelling arguments in the ongoing debate surrounding the superiority of theoretical knowledge over vocational knowledge (and vice versa). The decision between these knowledge types is not simple, as each offers distinct advantages and drawbacks. In this short article, I will briefly delve into the characteristics of both theoretical and vocational knowledge while exploring their unique qualities and contributions to personal and societal growth.

Theoretical Knowledge: Abstract Understanding and Academic Excellence

Theoretical knowledge encompasses the abstract and academic realms of learning. It is acquired through studying disciplines like philosophy, mathematics, and sciences, typically within formal educational settings or research environments. This type of knowledge is highly regarded for its ability to unravel complex systems and concepts, laying a foundation for further exploration and inquiry. The benefits of theoretical knowledge include but are not limited to the following:

  1. Critical Thinking: Theoretical knowledge encourages abstract thinking, fostering the ability to analyse and synthesise complex information.
  2. Conceptual Understanding: It provides insight into the underlying principles governing various phenomena, contributing to a deep understanding of the world.
  3. Research and Advancement: Theoretical knowledge fuels research and innovation, pushing the boundaries of human knowledge and discovery.

Vocational Knowledge: Practical Proficiency and Skill Application

Vocational knowledge is grounded in practical application within specific trades or professions. This knowledge is acquired through on-the-job training and hands-on experience. It equips individuals with the skills required to excel in particular tasks and roles, often proving vital for career progression. The advantages of vocational knowledge encompass but are not limited to the following:

  1. Hands-on Expertise: Vocational knowledge imparts practical skills, enabling individuals to perform tasks with precisely and efficiently.
  2. Employability: It enhances employability by equipping individuals with practical skills that directly align with job requirements.
  3. Real-world Problem Solving: Vocational knowledge empowers individuals to solve real-world challenges, contributing tangibly to personal and societal needs.

The Intersection: Hybridisation of Knowledge Types 

Rather than a definitive answer to which knowledge type is superior, there’s an increasing recognition of the value of hybridising theoretical and vocational knowledge. This fusion acknowledges that an all-encompassing education benefits individuals and society alike. By blending abstract thinking with practical application, individuals become versatile and adaptable, capable of approaching challenges from multiple angles.

The Call for All-Around Education

The question arises: Should educational institutions prioritise this hybrid approach over favouring one knowledge type over the other? Embracing a balanced curriculum can produce well-rounded individuals who possess the ability to think critically, solve problems practically, and adapt to evolving scenarios. Such individuals are equipped to make meaningful contributions to both their personal growth and societal progress.

Conclusion

In the end, the superiority of theoretical or vocational knowledge depends on individual aspirations and inclinations. However, as we navigate an increasingly complex world, recognising the benefits of both knowledge types paves the way for a holistic educational approach. By embracing a hybrid model, we can foster individuals who are knowledgeable in theory and adept at applying their skills to real-world challenges, ultimately benefiting both themselves and society at large. 

What are your thoughts on this matter? Please, feel free to share your perspective below.

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Brought to you by Temitope Adelekan

3 Ways for Small Business Owners To Improve Company-Wide Collaboration


Read more engaging articles on the Knowledge Vault today!

If you own a small business, you’re keenly aware of every employee’s role in your enterprise. What may be missing, though, are the significant gains that come from group efforts. Consider these ideas from Knowledge Vault for transforming your company culture into one where everyone works separately (or even remotely) to one that shifts from solo work to collaborative work with ease.

1. Foster a Pro-Communication Culture

It should go without saying that if you want your employees to feel comfortable sharing ideas and offering constructive critiques, you should foster an environment of open communication, non-judgmental discourse, and respect. Positivity begins with the business owners and leaders, but it’s also reinforced by your meetings, training, company policies, and feedback you give to your employees.

If your employees work in the office, do your best to create a comfortable physical environment. If your employees are remote-only or hybrid teams, ensure that they have what they need to thrive including proper office equipment and a way to communicate with everyone. This could include Slack or another popular workplace messenger app to ensure that no one gets left out of a discussion.

It’s also important that you and your team are open to hear difficult feedback from coworkers, including points like, they don’t feel heard, are not comfortable with one another, or simply don’t trust each other. You cannot address problems if you don’t know they exist, so this kind of open communication is vital, even if it is painful. Ask one another how you can gain each other’s trust, and own up to your mistakes. Never make excuses.

2. Consider Your Collaborative Platforms

The fact that life has increasingly moved online in the past decade has increased the need for high-quality virtual platforms and messaging systems. Consider the size of your entire company as well as the usual number of people in your collaborative teams to determine which platforms will suit your business.

Here are a few options that are especially suited to remote or hybrid work:

  • Zoom: you likely know and love (or hate!) this virtual meeting platform. Video calls are necessary in the age of remote work, and they can often save an employee who has to stay home with a sick child or care for an aging relative.
  • Slack: this app is essential for day-to-day communication with your office staff as well as for collaborative efforts in smaller teams. 
  • Trello: make project management easier by using a visual board to envision everyone’s duties and due dates. Everyone is able to see their personal to-do list and understand where the project is in terms of completion.
  • Workfront: collaborate in real time with this project management software that also comes with some handy automation features.

3. Keep Your Project Teams Small

LinkedIn reports that creating teams of over 15 individuals (although 10 is better) can decrease employees’ motivation to collaborate and work as a group. Too-large groups result in a few hardworking employees assigning duties to the rest of the group and picking up slack. It may also cause a phenomenon where some employees render themselves invisible by not communicating or offering any input — and letting others do the heavy lifting for them.

Make it a point to split large teams into small groups. In groups of three to eight, your employees have more incentive to speak up and work with their teammates. The Art of Teamwork recommends assigning five or six employees to a collaborative team. Employees may feel more comfortable collaborating and expressing their thoughts when working in smaller groups as well.

Finally, take the time to cultivate healthy communication practices. Company culture isn’t invented overnight. It takes time to build, and it takes into account your employees’ personalities, your leadership style, and your vision for the future. If you feel that your business isn’t as collaborative as you had wished it would be, use the tips listed here to adjust to a culture that works for everyone.

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Brought to you by Lisa Walker

Edited by Temitope Adelekan

Imposter syndrome: 13 management tips


Imposter syndrome can make you feel like a fraud if not properly managed. It is time to stop underestimating your value! Stop underrating your achievements! Stop linking your success to luck! You are much more remarkable than you think.

It seems like a psychological practice for improving your self-esteem, right? But this is our advice to prevent you from developing impostor syndrome – a mental state that puts your capabilities in doubt. Some of the most common signs of the syndrome are hesitancy, fear, stress, anxiety, and the inability to accept healthy criticism and compliments.  

Are you wondering how to deal with impostor syndrome? First and foremost, don’t ignore it. If you notice that you doubt your strengths and criticise yourself too much, consider discussing this problem with someone you trust. Also, you can seek professional psychological help if you find you cannot overcome the syndrome by yourself.   

Want to learn more recommendations about beating the impostor syndrome? Check out the following iconographic for more handy tips and valuable insights.

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Brought to you by Caitlyn Hewitt

Edited by Temitope Adelekan

Guest Networks 101: A Simple Guide


In today’s uber-connected world, having a solid Wi-Fi connection is key to not only spending solo time at home but also having friends and family over. It can be a pain to sift through papers to find your Wi-Fi password that guests inevitably ask for when they walk in your door.

One workaround is to set up a dedicated guest network. A guest network is an alternate access point to your internet router that’s separate from the main network to which you connect your phone, TV, and computers. So your main network is meant for your trusted devices, and your guest network is meant for unfamiliar devices belonging to your friends and family.

A benefit of setting up a guest network is that you can grant internet access to devices that may be at a greater risk of falling victim to data breaches or other types of cyberattacks. Plus, some Wi-Fi routers allow you to limit the speed available on your guest network, so your main network connection is never lagging.

Norton has created this helpful step-by-step infographic (see below) on how to set up a guest network. It also offers tips for setting up your guest network for success so that you can keep your devices and data safe while providing your friends and family Wi-Fi access.

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Brought to you by Lydia McAllister

Edited by Temitope Adelekan

How to boost remote workforce productivity


Picture by Chris Montgomery

In previous years, when it comes to remote working, many of us thought we wanted to do this all the time. Now, after working in our bubble more than we bargained for due to the pandemic, we are gradually getting to find out for real what it’s like to work remotely.

Certainly, remote working set up is different for many of us because of the extra demands on our time, such as helping kids with remote schooling etc. Various research has shown that many employees struggle to keep up their motivation without an in-person connection.

Therefore, the critical question is: how can we boost employees’ motivation and keep their productivity going now that most of our work is done by connecting over different screens and not in person?

From a starter perspective, flexibility around work hours might be a good start. For example, the hours from 9 to 10 a.m. might not be suitable for some employees because they have to help their kids start their school day.

Checkout the infographic below for tips on how to boost remote workforce productivity.

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Brought to you by Sean Farrell

Edited by Temitope Adelekan

Saving Money vs. Paying Off Debts: Which One to Prioritise?


Part of your savings plan may involve paying off debts while saving money for future use. But, which one should you prioritise if you have a limited budget to work with? The key lies in understanding the benefits of each so that you can fine-tune your strategy and attain good financial health.

Advantages of Paying Off Debt

Debts may refer to loans, credit card and utility bills, or financial favors that you receive from family or friends. Debt is classified either as secured or unsecured. Secured debt involves pledging an asset as collateral for the loan, like your house or car. On the other hand, unsecured debt like credit card debt does not involve any collateral, but the payoffs are higher, too.

Depending on how much debt you have and how you manage it, debt can be a useful financial tool. Obviously, borrowing money to serve a legitimate financial need isn’t the same as when you spend the borrowed money on unnecessary expenses.

Here are a couple of ways that paying off debt as soon as possible can help you financially:

  • Interest fees decrease over time. This is true, especially for credit card debt, where interest is computed on your total purchases. If you’re unable to lower the outstanding credit, you might find yourself in a cycle of making payments that mostly go toward interest fees and not make significant reductions in your total debt.
  • Your credit score improves. Banks and other money lending institutions keep records of your credit history, and failure to settle your loans can lower your credit score. Credit scores are important because they can unlock many savings and rewards like more leniency on various types of financial transactions.

Apart from these benefits, paying off debt can be empowering for yourself. Getting rid of it frees you from distress and inspires you to achieve your saving goals.

Advantages of Saving Money

Saving money is, of course, one of the most important aspects of good financial management. Ideally, your savings fund should cover six months’ worth of living expenses in case of unforeseen circumstances like a sudden illness, work retrenchment, or loss of property due to natural disasters. Proper budgeting methods and techniques can help you use your money wisely and set aside savings, too.

Building your savings fund is beneficial in several different ways:

  • It allows you to leverage the value of compounding interest. Here’s how compounding interest works: You first earn interest on the principal amount of your savings and then continue to do so as interest is now computed based on your savings balance plus any interest it has previously earned.

    As such, you should start saving sooner rather than later to take advantage of compounding interest.
     
  • You can go into investment sooner, too. When you have your funds ready, you can immediately learn stock trading or other ways of investing to grow your money even more. You don’t have to wait until you’ve fully repaid your debt before you can take advantage of investment opportunities.
  • Your savings can help you avoid taking out new loans so that you don’t go deeper into debt. Even if unexpected expenses occur, you can pull yourself out of the situation without causing serious damage to your finances.

The Bottom Line

Being in debt can cost you more money in the long run, so having a clean slate in the earliest possible time should be your goal. At the same time, you shouldn’t wait to get started on saving either. While it takes a lot of work to decide whether you should first save money or pay off debts, the one definitive rule to keep in mind is to use your money wisely. This way, you can do both and reap the benefits that each strategy offers.

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Brought to you by AJ Balois

Edited by Temitope Adelekan

Coping Up with the New Normal at Home


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You may have often heard people say that change is a part of life, and one of the best things to do is to embrace it with an open mind. With the COVID-19 pandemic causing drastic changes in every aspect of your lifestyle, how are you coping up with the new normal?

Adjusting to change isn’t always easy for everyone, especially with something as drastic as the global health crisis. Wearing a mask outside, physically distancing yourself from people, filling up personal and health information forms at public places, having limited access to transportation, and so on—it will take time before you get used to these things.

Then again, the indomitable human spirit is such a powerful force that helps everyone rise above challenges, especially if it’s business survival that’s at stake. Whether you’re an employee or an entrepreneur, you can still be productive and profitable despite the coronavirus outbreak.

Here are tips to help you continue with your work or business under the new normal:

1. Choose the remote work or business setup

You’re safer working or running your business from home because you don’t need to go out and travel where you are going to be with other commuters or motorists. This reduces your chances of being exposed to the virus and getting sick. So if you have the means to stay at home, take advantage of the remote work or business setup.

You’ll need a smartphone, laptop, and desktop computer, as well as reliable Wi-Fi service, as basic productivity tools. It will also help if you create a dedicated workspace, so you feel as if you’re still in a real office.

2. Create a new normal routine

Setting up a routine offers a sense of normalcy and certainty, so it’s a good coping mechanism during this time of chaos. Your new normal routine can be as creative and flexible as you want, as long as it lets you organize your day-to-day schedule, which will help you have a proper work-life balance.

Your new normal routine can look something like this:

  • Start your day with a cup of coffee that you yourself made, instead of buying it from your favorite coffee shop near the office. Eat a healthy breakfast to fuel your mind and body for the day ahead.
  • As you begin your workday, make sure to check your inbox to know what’s happening in your team and reach out to your teammates if there’s something that needs to be discussed. Pick the online communication channel that you feel comfortable in or use video conferencing to stay connected with your colleagues or catch up over lunch.
  • Try to resist the temptation of going to bed late at night. Staying home can give you a false sense that you have enough time in your hands, but this can also disrupt your body clock and leave you feeling tired in the morning.
  • If you’re not able to go to the gym, you can work out at home on your own or with your family to make it as fun as your regular gym sessions.
  • Spend your weekends doing your family’s favorite things or having your me-time so that you can remain happy and positive.

3.  Discover new opportunities for yourself or your business

If your employment or business has been severely affected by the pandemic, this is the perfect time to reassess your options. Take a step back to help you see the bigger picture clearly. Perhaps you’re finding it a challenge to sell your products or services, which are considered non-essential during a pandemic.

What new offerings can you provide to consumers in your target market to make your business more relevant during these times? If your salary has been reduced due to limited operations in your company, perhaps you can look for a second job to make up for lost income.

Closing Message You can survive and thrive despite the challenges brought about by the pandemic. The key is to have a mindset that focuses on the things you can do and control under the new normal.

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Brought to you by Chellsea Reyes

Edited by Temitope Adelekan

The Fastest Way to Achieve Financial Freedom: A Visual Roadmap


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Imagine life without financial constraints. Perhaps you’d be buying the things you want and need without hesitation or live the lifestyle you’ve always dreamed of without the fear of straining your budget. Doesn’t this inspire you to work hard and manage your finances better for a secure future?

Financial freedom and literacy are crucial elements that can help you build your wealth for a sustainable future. This is why many people take the initiative to attend personal finance classes or seminars to improve their financial wellness.

While financial freedom may be different for everyone, it may look something like being able to go on an international trip every year without draining your bank account or retiring a few years early.

If you’ve always felt a certain panic setting whenever you see your monthly bills, it’s high time that you make changes to your spending and saving. Here are some good financial habits you can start practicing to kick-start your journey to financial freedom.

  • Identify your financial goals
  • Spend less; save more
  • Track your spending
  • Hold off on big-ticket items
  • Buy experiences, not things
  • Pay off your debt
  • Find other sources of income
  • Invest in your future

The road to financial freedom is hard and full of obstacles. It’s not going to be easy, but it certainly is possible. Know that gaining complete control over your finances takes commitment, discipline, and sacrifice. Once you obtain a sense of financial freedom, you won’t have to worry about choosing between getting your car repaired or buying groceries. With the right strategies and mindset, you can reach financial success and live life comfortably in the future.

Have a look at the visual graph below for the step-by-step guide on how to achieve financial independence. Soon, financial freedom will be within your reach.

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Brought to you by Hacking Money

Edited by Temitope Adelekan